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AbstractOn Oct. 1, 2007, Standard & Poor's Ratings Services lowered its long-term counterparty credit rating on Switzerland-based banking group UBS AG to 'AA' from 'AA+'. At the same time, the 'A-1+' short-term rating was affirmed. The long-term ratings on core subsidiaries UBS Ltd., UBS Loan Finance LLC, UBS Bank (Canada), and UBS Securities LLC were lowered to 'AA' from 'AA+', and the 'A-1+' short-term ratings on these entities were affirmed. The outlook on UBS AG and its related entities is stable. This rating action follows today's announcement that UBS expects to record a groupwide pretax loss of between Swiss franc (CHF) 600 million and CHF800 million for the third quarter of 2007. The downgrade primarily reflects concerns over the effectiveness...

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